SEC MSRD Case No. MSRD-MID-2020-3R&L INVESTMENTS, INC., JULIETO C. SULAPAS

Securities and Commission Exchange

MARKETS AND SECURITIES REGULATION DEPARTMENT

SPECIAL HEARING PANEL

In the matter of: R & L INVESTMENTS, INC.

SEC MSRD CaSe No. MSRD-MID-2020-3

JULIETO C. SULAPAS,

Respondent.

TO: (/a2 June 11, 2021

Secretariat Building, PICC Complex, Roxas Boulevard, Pasay City. Assistant Dit/ectoy Adan Evan O. Pascua Markets and Regulation Department Securities and Exchange Commission

Marikina City. Julieto C. Sulapas 59 Cambridge Hampstead Place Del Carmen St., Brgy. Nangka

06-[4.2] GREETINGS:

in the above-entitled case, the original of which is now on file with the Commission. Please take notice that on June 11, 2021, a Decision, copy hereto attached, was issued

CA MARLONG.FACUN SHP Chairman

Exchange Commission Securilies and

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

SECURITIES AND EXCHANGE COMMISSION PASAY CITY MARKETS AND SECURITIES REGULATION DEPARTMENT

SPECIAL HEARING PANEL

In the matter of: R & L INVESTMENTS, INC.

SEC MSRD CaSe No. MSRD-MID-2020-3

JULIETO C. SULAPAS,

Respondent. X

DECISION

of the Securities Regulation Code ("SRC") in relation to Section 54 of the SRC as follows: the Investigation and Review Committee ("IRC") composed of officers and personnel of the Markets and Securities Regulation Department ("MSRD") of the Securities and Exchange Commission ("Commission") charging Julieto Sulapas ("Sulapas") for violation of Section 26 Before the Special Hearing Panel ("SHP") is a Formal Charge dated September 2020 of

ANTECEDENT FACTS AND STATEMENT OF THE CASE

No. MP-2019-001 ordered the Capital Markets Integrity Corporation ("CMIC') to take over Rule 33.1.1.26.3 of the 2015 Implementing Rules and Regulations of the SRC ("2015 SRC Rules" or "SRC-IRR"). the operations of R&L Investments, Inc. ("R&L") pursuant to Section 33.1 (d) of the SRC and On 14 November 2019, the Securities and Exchange Commission in SEC En Banc Case

R&L rendering it incapable of meeting the demands of R&L's client security holders and the payment of their share proceeds. The Take Over Order was issued due to the deterioration of the financial condition of

by the respondent that resulted in the loss of P700 Million worth of client shares of R&L. The deterioration was brought about by the fraudulent scheme allegedly employed

R&L Investment Inc., its officers and employees recommendation to the Markets and Securities Regulation Department for the purpose of instituting administrative or criminal action against the responsible persons. This does not, however, preclude the Commission from continuing its own examination, investigation, or filing of any action against respondent R&L Investment Inc. and its responsible officers and the provisions of the SRC and its Implementing Rules and Regulations possibly committed by employees. Under the Order, the CMIC was also directed to determine the various violations of and to submit its report and

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against all the responsible persons, including R&L, its officers and employees. investigation of the incident to determine the various violations of the securities laws possibly committed and to institute, among others, the appropriate administrative charges Consequently, the Commission directed the MSRD to conduct a thorough

investigating body. its officers and employees, Venture Securities, Inc. ("VSI" or "Venture Securities") and its officers and employees and Julieto Sulapas. The Respondent did not appear before the subpoenas were issued by the IRC to herein Respondent, R&L Investments, Inc., ("R&L") and Pursuant to the direction, MSRD created the IRC to conduct the investigation. Hence.

created to hear, resolve and decide matters relative to the case. On 5 February 2020, the Special Hearing Panel composed of the undersigned was

dated September 2020 against the Respondent. After conducting the investigation, the IRC formally instituted the Formal Charge

conducted by the MSRD, as follows: The basis of the formal charge were the relevant facts obtained from the investigation

1. Investigation has been commenced by the Securities and Exchange Commission in the light of the Take Over Order dated 14 November 2019 issued by the Commission En Banc docketed as SEC En Banc Case No. MP-2019-001 due to the deterioration of the financial latter's client security holders and the payment of their share proceeds; condition of R&L Investments, Inc. render it incapable of meeting the demands of the

2. The deterioration was brought about by the alleged fraudulent schemes employed by

herein Respondent that resulted to the loss of approximately Php700 million worth of client shares of R&L;

3. Subpoenas were issued to R&L, Venture Securities, Inc. ("VSI"), Marlo Moron and the numbers, service remained unsuccessful as of this date: Respondent. The subpoena for the Respondent was personally served to his last known address above mentioned, but the service was unsuccessful as he no longer lives there. Despite diligent efforts to find Respondent, including calling his last known contact

4 As revealed in the documents submitted by R&L and Venture Securities, herein

Respondent has accounts with both R&L and Venture Securities.

5 The Respondent had been giving instructions to Venture Securities to receive certain shares from his account with R&L thru EQ trades. These EQ Trade transfers are received and recorded by Venture Securities under the Respondent's account.

6. Based on the CMIC report dated 19 December 2019, it reveals that the Respondent gained approximately Php701,969,341 through his customer account with Venture Securities.

7 However, when the Respondent ledgers of R & L are compared to the Respondent's from the accounts of the other clients of R&L. ledger in Venture Securities, it was discovered that the shares transferred to Venture the shares that were transferred to the Respondent account in Venture Securities came does not exist or recorded in his R&L account as of the date of his requests. Therefore,

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8 Herein Respondent also issued an Authorization in favor of Marlo Moron, an

Moron himself orders the sale of stocks in the Respondent's account by virtue of his Securities to transact over his accounts. It was revealed by Loreto Balabis, the Office/Trading Floor Assistant (based on the list of officers and employees as of October 8, 2019 provided by CMIC) officer of R&L to allow him to give instructions to Venture salesperson of Venture Securities during the investigation that he admittedly processed Authorization. most of Respondent's transactions in Venture Securities and in certain occasions, Marlo

9 The abovementioned acts show that herein Respondent would have knowledge that his

accounts in R&L and Venture Securities are being used in the unauthorized transfers of clients' shares from the former to the latter.

10. Further, a review of Respondent account ledger with Venture Securities disclosed that the transferred shares from R&L were sold via the PSE system. The corresponding cleared checks show the name of the Respondent as payee on the instruments.

11. It was also discovered that some of the proceeds were used to pay for the purchased shares from the market which shares were subsequently sold. The proceeds are then collected by the Respondent;

12. Thus, the said fraudulent acts committed by the Respondent constitute a violation of Section 26 of the SRC and Rule 26.1 of its 2015 SRC-IRR.

Procedure of the Commission, he was directed to submit his Answer within Fifteen (15) days from receipt hereof, otherwise, his failure to submit his answer within the required period would be considered as a waiver thereof. The Formal Charge was sent to the Respondent. Pursuant to the 2016 Rules of

07 September 2020. Respondent did not file his Answer to the Formal Charge. Records of the case show that the Formal Charge was received by the Respondent on

the submission of the following additional documentary evidence: On 15 April 2021, Complainant submitted a manifestation and motion requesting for

3. Ledgers of Repondent account with Venture Securities, Inc. from 2012 to 2019; 5. The cleared checks issued by Venture Securities in the name of Respondent. 1. Sinumpaang Salaysay of Respondent dated 17 September 2020. 4. The EQ trade Forms of Respondent with Venture Securities that were transferred from R&L Investments to Venture Securities vis EQ Trade to the Respondent Account 2. Supplemental Affidavit of Respondent dated 08 March 2021

granted the motion and the documents submitted are admitted. evidence appears to be relevant in the instant case, the panel in its Order dated 1 June 2021 April 16, 2021. The panel have not received the comments/opposition from the Respondent. There being no comment/opposition and considering that the additional documentary Per records, the manifestation with motion was received by Respondent Sulapas on

Respondent Julieto C. Sulapas Sinumpaang Salaysay and Supplemental Affidavit is also considered as his Answer on the formal charge against him. On even date, the panel issued a resolution submitting the case for decision and

ISSUES

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1. Whether or not the Respondent Sulapas violated Section 26 of the SRC in relation to Section 54 of the SRC.

RULING

to Section 54 of the SRC. demonstrating the commission of securities fraud in violation of SRC Section 26 in relation In the case at bar, Complainant has sufficiently discharged the burden of

indirectly, in connection with the purchase or sale of any securities to. Section 26. Fraudulent Transactions. It shall be unlawful for any person, directly or

26.1. Employ any device, scheme, or artifice to defraud:

26.2. Obtain money or property by means ofany untrue statement of a material fact of any light of the circumstances under which they were made, not misleading; or omission to state a material fact ne ssary in order to make the statements made, in the

26.3. Engage in any act, transaction, practice or course of business which operate as a fraud or deceit upon any person. [Emphasis ours.]

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misleading; or, in the case of an underwriter, has failed to conduct an inquiry with material respects; or (d) Any person has refused to permit any lawful examinations into its imposed any or all of the following sanctions as may be appropriate in the light of the facts such violation; (c) Any registrant or any person has, in a registration statement or in other affair, it shall in its discretion, and subject only to limitations hereinafter and circumstances: Commission finds that: (a) There is a violation of this Code, its rules, or its orders; (b) Any registered broker or dealer, associated person thereof have failed reasonably to supervise, with the Commission, made any untrue statement of a material fact, or omitted to state any material fact required to be stated or necessary to make the statements therein not reasonable diligence to ensure that a registration statement is accurate and complete in all Section 54. Administrative Sanctions -- with view of preventing violations, another person subject to supervision who commits any reports, applications, accounts, records or documents required by law or rules to be filed - 54.1. If. after due notice and hearing. the prescribed

(i) Suspension, or revocation of any registration for the offering of securities;

continuing violation; (ii) A fine of no less than Ten Thousand Pesos (P10,000.00) nor more than One Million Pesos (P1,000,000.00) plus not more than Two thousand pesos (P2,000.00) for each day of

issuer required to file reports under Section 17 of this Code or any other act, rule or {iii) In the case of violations of Sections 19.2, 24, 26 and 27, disqualification from being an regulation administered by the Commission; officer, member of the Board of Directors or persons performing similar functions, of an

gained or loss avoided as a result of the purchase, sale or communication prescribed by such (iv) In the case of a violation of Section 34, a fine of no more than three (3) times the profit Section, and

(v) Other penalties within the power of the Commission to impose.

the filing of criminal charges against the individuals responsible for the violation. 54.2. The imposition of the foregoing administrative sanctions shall be without prejudice to

of the fees and other dues collectible under this Code. 54.3. The Commission shall have the power to issue writs of execution to enforce payment

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Rule 26.1 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code provides:

(ii) obtain money or property by means of any untrue statement of a material fact of any light of the circumstances under which they were made, not misleading; or (iii) engage in fraud or deceit upon any person. 26.1. It shall be unlawful for any person, directly or indirectly, in connection with the purchase or sale of any securities to: (i) employ any device, scheme or artifice to defraud; omission to state a materiai fact necessary in order to make the statements made, in the any act, transaction, practice or course of business which operates or would operate as a

security "(1) to employ any device, scheme, or artifice to defraud, or (2) to obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact . . ., or (3) to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon any person. Section 26 of the SRC makes it unlawful for any person in the offer or sale of any

as a fraud or deceit upon any person. Sections '26(1) and 26(3) of the SRC as the provisions violated by the Respondent, it defraud and a transaction, practice, or course of business which operates or would operate appearing that the allegations involve the employment of a device, scheme, or artifice to A perusal of the Formal Charge will readily reveal that the Complainant is pointing to

26 in relation to SRC Section 54 pertaining to the VSI Sulapas account transactions based on the following attendant circumstances An examination of the records reveals that Respondent Sulapas violated SRC Section

the fact of receiving commission money from the transactions of his VSI account and the turn-over of the proceeds of the check encashment to a certain Marlo Moron after deducting his commission: his participation on how he received checks issued by VSI in his name, the check encashment, the unauthorized securities transactions in his account, however, he respectively narrated First, Respondent in his affidavits, although he basically denied having knowledge on

Sulapas' Sinumpaang Salaysay

halaga ng tseke at padami din sila nang padami; Wala naman naging problema. Sinabihan niya ako na kumuha na lang daw ako ng parte ko doon sa pera. Sinasabi niya kung magkano kukunin ko, tapos yung iba sa 16. Na makalipas ang isang buwan, pinapunta ako ulit ni Mar sa kanya at may tseke daw ako. Pagdating ko ng PSE trading floor, may mga tseke nang dala si Mar at pinapirmahan niya sakin ang mga dokumento. Ventures Securities na yung issuer ng mga tseke. Tinanong ko si Mar kung bakit hindi na Golden Tower. Parang galit siya nung sumagot at sinabi niya na hindi raw maayos ang mga tao doon sa Golden Tower. Tapos tinuro ni Mar sakin saan puede mag encash, kaya nag-encash ako. kanya ko ibinigay. Ganun lang po palagi. Napansin ko din na palaki nang palaki yung

akin yung detalye ng account at kung saang bangko; hiwalay sila at hindi isang tseke lang. Sasabihin lang ni Mar sakin kung magkano ang para sa akin, tapos ang iba ibibgay ko lang sa kanya. Nung palaki na ng palaki, inuutusan na ako ni Mar na i-deposit sa account yung pera. Sasabihin lang niya sa 17. Na Union Bank saka Bangko de Oro ang mga tseke na natatanggap ko. Hiwa-

nung Krystel, dala dala na niya ang tseke. Pinirmahan ko ang mga papeles, at pagkatapos ko mag-encash, sasabihin ni Mar kanino ko -deposit, at magkano dun yung para sa akin. Yung natitirang pera, ibibigay ko kay Mar: 18. Na may pagkakataon na inutusan niya ako na pumunta ako sa Ventures para kunin ang tseke. Hanapin ko raw si "Krystel". Ginawa ko naman iyon, at paglabas

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handa na ang pera. Minsan inuutusan din ako ni Mar na bumili ng dollars, na sinusunod ko din naman. Puwede naman po kasi meron naman ako account dun; baka puede, kapag Php1,000,000 mahigit na yung tseke, itawag muna nang isang pagkakaalam ko, tumatawag na si Venture Securities, at pagdating o sa Union Bank, 19. Na palaki nang palaki ang halaga ng mga tseke na pinapa-encash sakin ni Mar. Minsan umabot na sa Php1,000,000 Dahil dito, sinabihan ako ni Union Bank na araw bago ako magpunta para mag-encash upang mahanda nila ang pera. Kaya sa

inuutos ni Mar sakin. Ako iyong nag-de-deposit, nakapila at naghihintay pa pag pananghalian. Kaya humihingi ako na baka puede niya naman dagdagan. Sabi ni 2.5% na raw yung binibigay niya sa akin. Alam naman niya na nakakatakot yung ang laki laki ng halaga ng dala mong pera tapos lalakad-lakad pa; 20. Na nung nagtagal, humihingi na ako ng mas malaking bayad kasi andaming bibilangin sa bangko. Minsan inaabot na ako hanggang hapon, tapos wala pa akong Mar sakin, tabla naman daw yun, pero sasabihan niya sa may-ari ng pera. Sabi niya,

XXX

ganitong halaga. Doon ko pinupuntahan si Larry sa STI building sa baba ng opisina Ibibigay ko na kay Mar yung naiwang pera; 23. Na kapag na-encash ko na ang tseke at natapos ko na ang pinapagawa ni Mar, sasabihin niya lang sakin na kumuha ako sa pera nang ganitong halaga, minsan umaabot sa Php70,000. Inuutusan din ako ni Mar na bigyan ko din daw si Larry ng niya. Tinetext ko si Mar na andun na ako at siya naman mag-te-text kay Larry.

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26. Na handa po ako na bukasan ang account ko sa Union Bank para linisin ang pangalan ko. Yung Union Bank account kop o kasi, inutusan ako ni Mar na buksan nung palaki na ng palaki ang halaga ng mga tseke. Hindi ko naman alam na di pala legal yung ginagawa naming. Wala naman po problema sakin na buksan iyon, kasi maintaining balance lang naman yung andun;

Xxx

pinapagawa nila sa akin. Hindi ko rin naisipan magtanong tungkol sa mga utos ni Mar kasi broker ko naman siya; 30. Na wala po akong kinalaman sa mga nangyayari. Yung sinasabi po nila na ninakaw yung pera, wala po akong alam doon at wala naman po akong ninakaw. Iyong nakuha kopo ay bigay lang sa akin ni Mar bilang bayad nila sa mga

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ang pera. Pagka-deposit ko ng pera, sasabihin ni Mar sakin na sakin na yung 32. Na dati po sa PSE ako pumupunta pero nung lumaon sa Venture na, dun kay Krystel ng Venture. Binibigyan po ako ng utos kung saang account ko ide-deposit ganitong halaga, at kay Mar na yung natitira;

mga Php16,000,000. Akala ko nga bibigyan ako ng malaking bayad doon, pero sabi ni Mar Php200,000 lang yung para sa akin dun; 33. Na sa pagkakatanda ko, yung pinkamalaking halaga ng tseke na pina-encash ko.

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beses na sinabi ni Mar na may "pinasabay" siya, akala ko legal yun. Ang pagkakaintindi ko sa "pinasabay" ay baka nag-invest din si Mar at sinabay lang niya sa akin, tapos binigyan niya lang ako parte ng kinita niya; 44. Na aaminin ko na natutuwa ako na nakakatanggap ako ng pera. Noong unang

nagtiwala lang po ako kasi kay Mar. Yung ibang mga nagyari, wala na ako alam dun; 45. Na hindi rin ako nagtanong kung bakit gsanun kalaki ang mga tseke na natatanggap ko pero hindi naman sakin napupunta yung buong pera, kasi

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ko kinuwestiyon kung bakit nakapanalan sakin ang mgs tseke, maliban lang nung 46. Na, sa mga nangyari, ang alam ko si Mar ang may pakana. Bibibigyan lang niya ako, kaya naisip ko na baka kumita siya at binibigyan lang niya ako ng balato. Hindi nagpalit ng issuer mula sa Golden Tower papunta sa Venture;

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Sulapas Supplemental Affidavit

xix. Na nuong unang nag-abot sa akin ng tseke si Marlo, naisip ko na iyon ay mula naman. Nagsimula napo akong magkaroon ng hinala nuong napapadalas na siyang pero hindi ko alam kung bumili siya o nagkaroon ng ibang transaksyon kasi wala sa pinabili ko na shares sa kanya na hindi ko mabenta. Sabi ni Marlo ay nalugi raw naman siyang binigay sa akin. Binigyan lang niya ako ng tseke na pina-encash ko magpa-encash sa akin. Naiasip ko na baka yung pera ko ay ginamit niyang pambili para sa sarili niyang shares na pinapasabay niya at binibigyan na lang niya ako ng porsyento;

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tseke at binibigay ko ang pera kay Marlo. Ang buong halaga ay binibigay ko kay xxvi. Na may mga pagkakataon na walang instruksyon sa akin si Marlo kung saan ako magde-deposit. Sa mga ganitong pagkakataon, nagpapa-encash na lang ako ng Marlo, pagkatapos makuha and aking bayad o "butal";:

Nasa 3% ang pinakamalaking parte na natanggap ko. Yung iba nasa 1.5% yung porsyento ko. Kapag walang sinabi ni Marlo sa akin kung magkano ang aking kinukuha ko. Kapag naman sobrang laki ng halaga ng tseke ay pinapakiusapan ako na lakihan ang parte ko sa pera, sinasabi ni Marlo sakin na, "Tabla lang yung may- ari niyan eh; " Humigit kumulang nasa P5,000,000 po ang total na nakuha ko sa mga xxvii. Na ang natatanggap ko lang na halaga ay ayon sa sinasabi ni Marlo sa akin. prosyento sa pera, kumukuha ako ng 3% bago ko binibigay kay Marlo Moron. Mga sampung beses na walang binanggit na halaga sa akin si Marlo, kaya 3% yung ni Marlon a mas mababa sa 3% ang kunin kong porsyento. Kapag nakikiusap ako transaksyon.

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xxxviii. Na nakatanggap ako ng mga nasa Php5,000,000.00 lahat-lahat mula sa mga transaksyon kasama si Marlo Moron;

Instead of doing these, he even asks for a higher amount of commission. them and that he received commission money from the transactions. Those facts are to human experience. In this situation, the more natural thing for him to do after knowing that he will receive checks amounting to millions of pesos is to conduct an actual inquiry and verification of the circumstances of the issuance of checks or to refuse to receive them. on the unauthorized securities transactions of his account as he himself admitted that he received checks issued by VSI in his name in numerous instances and personally encashed suspicious in itself, and should have alerted him that there are irregular transactions pertaining to his account. His claim of ignorance is unnatural to be believable and contrary From the foregoing, Respondent cannot feign ignorance that he has no knowledge

and EQ Trade Forms. In several occasions, Sulapas allowed the fraudulent transfers of shares Seventy Nine (379) unauthorized EQ Trade transactions in the Sulapas Account from R&L to VSI consisting of One Hundred Sixty Seven (167) Stock Credit Memo. Indeed, the fraudulent acts of Sulapas in violation of Section 26 of the SRC were clearly shown in his account ledger investigation and the EQ trade Forms of Mr. Sulapas with VSI, there were Three Hundred Second, as observed in the account ledger of Mr. Sulapas (SU026) submitted during the

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of stocks, which he did not own but owned by other clients of R&L, from his account in R&L to his account in VSI and were sold and traded for his benefit. As part of the scheme, these reports that were generated by the PDTC system. unauthorized transfers were concealed by Moron through forging the securities balances

follows: The shares transferred from R&L to VSI via EQ Trade to the Sulapas Account are as

DATE Date 2 TXN REF Ledger Reference STOCK SHARES TRANSFER

5/30/12 Wednesday, 30 May 2012 SCM 5422 CLG91619769 PXP 52,500 R&L

6/28/12 Thursday, 2012 28 June SCM 5 5 62 CLG91682704 4D 50,000,000 R&L

7/10/12 T ueay, 10 July 2012 SCM 5579 CLG91708880 BLOOM 300,000R&L

8/6/12 Monday,6 2012 August SCM 5654 CLG91766336 CAL 250,000 R&L

8/24/12 Friday, 24 August 2012 SCM 5677 CLG91798999 MAB 50,000,000 R&L 8/24/12 Friday, 24 August 2012 SCM 5677 CLG97644751 MA 50,000,000 R&L 10/ 5/12 Friday, 5 October 2012 SCM 5751 CLG97680604 MA 50,000,000 R&L 10/ 5/12 Friday, 5 October 2012 SCM 5751 CLG0000091887622 MAB 20,000,000 R&

11/26/12 2012 Monday, 26 November SCM 5 959 CLG92002330 SMC 30,000 R&L

2/ 6/13 Wednesday. February 2013 6 SCM 6108 CLG092194196 ICT 100,000 R&L

5/21/13 Tuesday, 21 May 2013 SCM 6396 CLG092499288 PGOLD 200,000 R&L 6/18/13 Tueday, 18 June 213 SCM 6421 CLG092595422 NIRL 300,000 R&L 6/18/13 Tuesday, 18 June 2013 SCM 6421 CLG092595423 FPH 50,000 R&L

7/ 3/13 Wednesday, 3 July 2013 SCM 6437 CLG92653691 PGOLD 200,000 R&L

7/5/13 Friday, 5 July 2013 S CM 6438 CLG92661845 PGOLD 200,000R&L

7/24/13 Wednesday, 24 July 2013 SCM 6460 CLG0000092706183 PGOLD 100,000 R&L

9/20/13 Friday, 20 September 2013 SCM 6581 CLG92856036 PX 500,000 R&L

5/16/14 Friday, 16 May 2014 SCM 7112 CLG93537924 GTCAP 10,000 R 6/24/14 Tueay, 24 Jne 2014 S CM 7149 CLG93656344 NIRL 300,000 RL 6/24/14 Tuesday, 24 June 2014 SCM 7149 CLG93656343 APC 3,000,000 R&L 6/24/14 Tuesay, 24 June 2014 SCM 7149 CLG93656342 MA 100,000,000 R&L

11/ 7/14 Friday, 7 November 2014 SCM 7794 CLG094065164 IS 22,000,000 R&L

11/13/14 Thursday. November 2014 13 SCM 7844 CLG094082807 IS 30,000,000 R&L

11/28/14 Friday, 28 November 2014 SCM 7879 CLG094127975 IS 40,000,000 R&L

12/19/14 Friday, 19 December 2014 SCM 7940 CLG094202353 IS 40,000,000 RL

3/19/15 Thursday, 19 March 2015 SCM 8070 CLG094487483 NIKL 600,000 RL

3/25/15 Wednesday, 25 March 2015 SCM 8071 CLG094512831 AGI 200,000 R&

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3/25/15 Wednesday, 25 March 2015 SCM 801 CLG094512832 MER 20,000 R&L

4/10/15 Friday, 10 April 2015 SCM 8088 CLG094552996 GTCAP 29,000 R&L 4/14/15 Tuesday, 14 April 2015 SCM 80 0 CLG0000094563963 CHIB 200,000 R&L 5/11/15 Monday,11 May 2015 SCM 8157 CLG094654505 NIKL 600,000 R&L

5/13/15 Wednesday, 13 May 2015 SCM 8164 CLG09465655 NIKL 400,00 RL

6/ 4/15 Thursday, 4 June 2015 SCM 8183 CLG094743272 NIKL 100,000 R&L

6/10/15 Wednesday, 10 June 2015 SCM 8190 CLG094761172 NIKL 200,000 R&L

7/ 9/15 Thursday, 9 July 2015 SCM 8221 CLG094856271 NIKL 400,000 R&L

10/15/15 Thursday, 15 October 2015 SCM 8412 CLG0000095182424 GTCAP 7000

12/29/15 Tuesday, 29 December 2015 SCM 85 83 CLG95399102 CHIB 300,000 R&L

1/13/16 Wednesday. January 2016 13 SCM 85 95 CLG095433563 MER 14,000 R&L

2/26/16 Friday, 26 February 2016 SCM 8659 CLG095570074 BLOOM 1,000,000 R&L

2/26/16 Friday, 26 February 2016 S CM 8659 CLG095570075 PX 200,000 R&L

2/26/16 2016 Friday, 26 February SCM 8659 CLG095570081 MER 11,000 R&L

2/26/16 Friday, 26 February 2016 SCM 8659 CLG095570077 FPH 45,000 R&L 6/20/16 Monday, 20 June 2016 SCM 8843 CLG095985699 L 1,000,000 R&L

6/22/16 2016 Wednesday, 22 June SCM 882 CLG95998864 CYBR 5,000,000 R&L

6/22/16 Wednesday, 22 June 2016 SCM 8872 CLG95998865 PX 200,000 R&L

6/29/16 Wednesday, 29 June 2016 SCM 8905 CLG096018307 APC 8,000,000 R&L

7/12/16 Tuesday, 12 July 2016 SCM 8927 CLG96063001 FGEN 300,000 R&L 7/22/16 7/22/16 Friday, 22 July 2016 Friday, 22 July 2016 SCM SCM 9043 9043 CLG096106284 CLG096106357 SMC ALI 100,000 30,000 R&L R&L

7 /22/16 7/22/16 Friday, 22 July 2016 Friday, 22 July 2016 SCM SCM 90 43 9043 CLG096106283 CLG096106285 EW DD 250,000 100,000 R&L R&L

7/22/16 Friday, 22 July 2016 SCM 9043 CLG096106282 NIKL 500,000 R&

9/ 2/16 Friday, 2 September 2016 SCM 9162 CLG96265097 DDPR 100,000 R&L

9/ 6/16 Tuesday, 6 September 2016 SCM 9166 CLG096273897 SMC2D 130,000 R&L

10/25/16 Tuesday, 25 October 2016 SCM 9365 CLG96446490 MWIDE 300,000 R&L

11/ 9/16 November 2016 Wednesday. O SCM 9446 CLG96492824 SHLPH 500,000 R&L

11/22/16 Tuesday, 22 November 2016 SCM 9470 CLG096537748 SHLPH 200,000 R&L

11/24/16 Thursday. November 2016 24 SCM 945 CLG096547097 SHLPH 300,000 R&L

12/ 6/16 Tuesday, 6 December 2016 SCM 9492 CLG095679479 SHLPH 500,000 R&

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12/ 8/16 Thursday, 8 December 2016 SCM 9496 CLG096587912 SHLPH 800,000 R&L

12/13/16 Tuesday, 13 December 2016 SCM 9499 CLG096599482 SHLPH 700,000 R&L

12/29/16 Thursday, December 2016 29 SCM 9597 CLG96653656 SHLPH 200,000 R&L

1/20/17 Friday, 2017 20January SCM 9630 CLG096714452 SHLPH 100,000 RL

2/13/17 Monday, 13 February 2017 SCM 9664 CLG96783917 SHLPH 200,000 R&L

6/ 6/17 Tuesday, 6 June 2017 SCM 9960 CLG097180217 SHLPH 100,000 R&L

6/21/17 Wednesday, 21 June 2017 SCM 99 71 CLG97232380 DD 100,000 R&L

6/21/17 Wednesday, 21 June 2017 SCM 9971 CLG97232378 AT 500,000 RL

8/11/17 Friday, 11 August 2017 SCM 10137 CLG093794754 CHIB 100,000 R&L

8/17/17 Thursday, 17 August 2017 SCM 10141 CLG097411016 CHIB 100,000 R&L

8/23/17 Wednesday, 23 August 2017 SCM 10147 CLG097423880 CHIB 300,000 R&

8/30/17 Wednesday, 30 August 2017 SCM 10154 CLG097442927 NIKL 1,000,000 R&L

9/13/17 September 2017 Wednesday, 13 SCM 10160 CLG097479573 PPC 500,000 R&L

9/29/17 Friday, 29 September 2017 SCM 10196 CLG97543862 DD 100,000 RL

10/ 4/17 Wednesday, 4 October 2017 SCM 10202 CLG097556805 NIKL 500,000 R&L

10/11/17 Wed nesday. October 2017 11 SCM 10213 CLG097579093 CHIB 200,000 RL

10/18/17 Wednesday. October 2017 18 SCM 10227 CLG 97598968 CHIB 300,000 RL

11/ 2/17 Thursday, 2 November 2017 SCM 10232 CLG97644751 AC 7,000 R&L

11/14/17 Tuesday, 14 November 2017 SCM 10256 CLG97680604 AC 7,000 R&L

11/24/17 Friday, 24 November 2017 SCM 10262 CLG97716704 AC 2,000 R&L

11/24/17 Friday, 24 November 2017 SCM 10262 CLG97716703 CHIB 200,000 R&L

12/ 4/17 Monday, 4 December 20 17 SCM 10265 CLG097737974 GTPPA 7,000 R&L

12/ 6/17 Wednesday. December 2017 6 SCM 10266 CLG097751816 8990Pp 80,000 R&L

12/13/17 Wednesday. December 2017 13 SCM 10268 CLG097776108 MPI 500,000 R&L

12/19/17 Tuesday, 19 December 2017 SCM 10277 CLG09798011 MER 30,000 RL

12/20/17 Wednesday, December 2017 20 SCM 10278 CLG097804305 SMC 40,000 RL

12/20/17 Wednesday. December 2017 20 SCM 10278 CLG097804304 DNL 400,000 R&L

12/22/17 Friday, 22 December 2017 SCM 10300 CLG097814364 MWIDE 200,000 RL

Page 10 of 23

12/22/17 Friday, 22 December 2017 SCM 10300 CLG097814363 CLC 500,000 R&L

12/22/17 Friday, 22 December 2017 SCM 10300 CLG097814365 DD 100,000 R&L

12/22/17 Friday, 22 December 2017 SCM 10300 CLG097814411 NIKL 500,000 R&L

12/22/17 Friday, 22 December 2017 SCM 10300 CLG097814630 TEL 4,000 R&L

12/22/17 Friday, 22 December 2017 SCM 10300 CLG097814976 PX 1,000,000 R&L

12/29/17 Friday, 29 December 2017 SCM 10308 CLG097828973 SMC 30,000 R&L

1/12/18 Friday 2018 12 January SCM 10320 CL097867979 CHIB 500,000 R&L

1/26/18 Friday, 2018 26 January SCM 10338 CLG0000097918626 CHIB 500,000 R&L

2/27/18 Tuesday, 27 February 2018 SCM 10364 CLG0000098022794 CHIB 200,000 R&L

3/ 7/18 Wednesday, 7 March 2018 SCM 10379 CLG098057820 EW 100,000 R&L

3/ 7/18 Wednesday. 7 March 2018 SCM 10379 CLG098057819 FGEN 150,000 R&L

3/ 7/18 Wednesday, 7 March 2018 SCM 10379 CLG098057821 MBT 50,000 RL

3/ 7/18 Wednesday, 7 March 2018 SCM 103 79 CLG098057818 PXP 300,000 R&L

3/20/18 2018 Tuesday, 20 March SCM 10382 CLG098095124 APC 5,000,000 R&L

3/20/18 2018 Tuesday. 20 March SCM 10382 CLG098095125 BLOOM 300,000 R

3/20/18 2018 Tuesday, 20 March SCM 10382 CLG098095126 B PI 50,000 R&L

3/20/18 2018 Tuesday. 20 March SCM 10382 CLG098095128 GTCAP 2,000 R&L

3/27/18 Tuesday, 27 March 2018 SCM 10393 CLG098127312 CHIB 100,000 R&L

3/27/18 2018 Tuesday. 27 March SCM 10393 CLG098127313 MBT 60,000 RL

4/ 3/18 Tuesday, 3 April 2018 SCM 10394 98139006 FROM R & L AEV 40,000 RL

4/ 3/18 Tuesday, 3 April 2018 SCM 103 94 98139159 FROM R & L DMC 300,000 R&L

4/ 3/18 Tuesday, 3 April 2018 SCM 10394 98139002 FROM R & L EAGLE 200,000 R&L 4/17/18 4/18/18 Wednesday, 18 April Tuesday, 17 April 2018 2018 SCM SCM 10436 10438 I CLG098181661 98184504 FROM R & BPI CHIB 100,000 50,000 R&L R&L

4/18/18 Wednesday, 18 April 2018 SCM 10437 CLG098184499 OPM 200,000,000 R&L

4/18/18 Wednesday, 18 April 2018 SCM 10437 CLG098184503 PCOR 300,000 R&L

4/18/18 Wednesday, 18 April 2018 SCM 10437 CLG098184507 PRF2A 3,000 R&L

4/26/18 Thursday, 2018 26April SCM 10445 CLG098212986 AUB 50,000 R&L

Page 11 of 23

4/26/18 Thursday, 26 April 2018 SCM 10445 CLG098212988 BDO 20,000 R&L

4/26/18 Thursday, 2018 26 April SCM 10445 CLG098211323 BEL 700,000 R&L

4/27/18 Friday, 27 April 2018 SCM 10446 CLG098215991 ALCPB 20,000 R&L 4/27/18 Friday, 27 April 2018 SCM 10446 CLG098215989 COSCO 200,000 R&L 4/27/18 Friday, 27 April 2018 SCM 10446 CLG098215990 PNX3A 25,000 RL 4/27/18 Friday, 27 April 2018 SCM 10446 CLG098215992 PNX3B 10,000 R 5 / 8/18 Tuesday, 8 May 2018 S CM 10466 CLG098242243 PHEN 1,500,000 R&L 5/ 8/18 Tuesday, 8 May 2018 SCM 10466 CLG098242247 PNB 20,000 R&L 5/8/18 Tuesday, 8 May 2018 SCM 10466 CLG098242244 SHNG 1,000,000 R&L 5/8/18 Tuesday, 8 May 2018 SCM 10466 CLG098242246 URC 15,000 R&L

5/10/18 Thursday. 2018 10May SCM 10468 CLG098250551 B PI 30,000 R&L

5/10/18 2018 Thursday, 10 May SCM 10468 CLG098250550 EW 100,000 R&L

5/25/18 Friday, 25 May 2018 SCM 10475 CLG098294565 CYBR 4,000,000 R&L 5/25/18 Friday, 25 May 2018 SCM 10475 CLG098294567 GTPPB 3,000 RL 5/25/18 Friday, 25 May 2018 SCM 10475 CLG098294566 MPI 300,000 R&L

5/31/18 Thursday, 2018 31 May SCM 10477 CLG098310878 B PI 20,000 R&L

5/31/18 Thursday, 2018 31 May SCM 10477 CLG098310878 SM 1,800 R&L

6/ 4/18 Monday, 4 June 2018 SCM 10479 CLG98320988 FROM R & L INVESTMENT AL 35,000 R&L

6/11/18 Monday, 11 June 2018 SCM 10543 CLG098348080 AC 1,500 R&L 6/11/18 Monday, 11 June 2018 SCM 10543 CLG098348079 ACPB 4,000 R 6/11/18 Monday, 11 June 2018 SCM 10543 CLG098348075 BSC 5,000,000 R&L 6/11/18 Monday, 11 June 2018 SCM 105 43 CLG098348077 DMC 100,000 R& 6/11/18 Monday, 11 June 2018 SCM 10543 CLG093848186 RWM 250,000 R&L 6/26/18 Tuesday, 26 June 2018 SCM 10552 CLG098392390 FB P2 2,000 R&L 7/10/18 Tuesday, 10 fuly 2018 SCM 10570 CLG098439045 MBT 70.000 R&L

7/27/18 Friday, 27 July 2018 SCM 10581 R&L CLG9841878 FROM OV 90,100,000 R&L

7/27/18 Friday, 27 July 2018 SCM 10581 CLG98481863 FR0M R&L PPC 120,000 R&L

7/27/18 Friday, 27 July 2018 SCM 10581 CLG9841862 FROM R& TUGS 200,000 R&L

7/27/18 Friday. 27 July 2018 SCM 10581 CLG98481879 FR0M R&L WLCON 100,000 R&L

8/ 2/18 Thursday, 2 August 2018 SCM 10587 CLG98498879 ACR 700,000 R&L

8/ 2/18 2018 Thursday,2 August SCM 10587 CLG98498882 AG 80,000 R&L

8/ 2/18 Thursday, 2 August 2018 SCM 10587 CLG98498881 CLC 170,000 R&L

8/ 2/18 Thursday, 2 August 2018 SCM 10587 CLG98498883 CNPF 50,000 R&L

8/ 2/18 Thursday, 2 August 2018 SCM 10587 CLG98498884 MWP 10,000 R&L

Page 12 of 23

8/ 2/18 Thursday, 2 August 2018 SCM 10587 CLG98498880 PX 200,000R&L

8/ 6/18 Monday,6 2018 August SCM 105 93 CLG98509911 TFHI 4,000 RL

8/7/18 2018 Tuesday. August SCM 10594 CLG098511904 LTG 50,000 R&L

8/ 9/18 Thursday, 9 August 2018 SCM 10601 CLG098533170 MBT 17,000 R&L

8/16/18 Thursday, 16 August 2018 SCM 10602 CLG098537816 CHP 200,000 R&L

8/16/18 Thursday, 16 August 2018 SCM 10602 CLG098537820 GSMI 30,000 R&L

8/16/18 Thursday, 16 August 2018 SCM 10602 CLG098537831 MAXS 100,000 R&L

8/16/18 Thursday, 16 August 2018 SCM 10602 CLG098537815 MRSGI 300,000 R&L

8/16/18 Thursday, 16 August 2018 SCM 10602 CLG098537817 PBB 100,000 R&L

8/16/18 Thursday, 16 August 2018 SCM 10602 CLG098537818 SCC 30,000 R&

8/24/18 Friday, 24 August 2018 SCM 10820 CLG098556767 8990P 9,0 00 R&L 8/24/18 Friday, 24 August 2018 SCM 10820 CLG098556766 AP 15,000 R&L 8/24/18 Friday, 24 August 2018 SCM 10820 CLG098556765 CPM 400,000 R&L

8/30/18 Thursday, 30 August 2018 SCM 10887 R& L CLG98568947 FROM CHIB 40,000 R&L

8/30/18 Thursday, 30 August 2018 SCM 10887 CLG98569089 FR0M R& L PAX 700,000 R&L

8/30/18 Thursday, 30 August 2018 SCM 10887 CLG98568986 FROM R&L PSB 14,000 R&L

8/30/18 Thursday, 30 August 2018 SCM 10887 CLG98569090 FROM R&L PXP 100,000 R&L

8/31/18 Friday, 31 August 2018 SCM 10889 CLG98572615 FROM R&L AT 300,000 R&L

8/31/18 Friday, 31 August 2018 SCM 10889 CLG98572616 FROM R& L NIKL 200,000 RL

9/ 6/18 Thursday, 6 September 2018 SCM 10893 CLG098590326 B DO 100,000 R&L

9/19/18 Wednesday, September 2018 19 SCM 10899 R&L CLG98626811 FROM FL 400,000 R&L

9/19/18 Wednesday. September 2018 19 SCM 10899 CLG98626809 FROM R&L FPH 10,000 R&L

9/19/18 Wednesday, September 2018 19 SCM 108 9 CLG98626807 FROM R& MWC 25,000 R&L

9/19/18 Wednesday, September 2018 19 SCM 10899 R&L CLG98626806 T0 PCOR 50,000 R&L

9/19/18 Wednesday. September 2018 19 SCM 10899 R&L CLG98626808 FR0M PGOLD 15,000 R&L

9/19/18 Wednesday, September 2018 19 SCM 10899 CLG98626810 FROM R&L SM 1,000 R&L

9/28/18 Friday, 28 September 2018 SCM 10910 CLG98657387 FROM R&L SHLPH 5,000 RL

9/28/18 Friday, 28 September 2018 SCM 10910 CLG98657389 SM 2,000 R&L

10/ 5/18 Friday, 5 October 2018 SCM 109 18 CLG98678907 FROM R&L ABA 1,500,000 R&L

Page 13 of 23

10/ 5/18 Friday, 5 October 2018 SCM 10918 CLG98678910 FR0M R&L BDO 5,000 R&L

10/5/18 Friday, 5 October 2018 SCM 109 18 CLG98678911 FROM R&L BPI 5,000 R&L

10/ 5/18 Friday, 5 October 2018 SCM 10918 CLG98678908 FROM R&L FN 250,000 R&L

10/ 5/18 10/12/18 20 18 Friday, 5 October 2018 Friday, 12 October SCM SCM 10921 10918 CLG98695758 FROM R&L CLG98678909 FROM R&L DL MEG 100,000 70,000 R&L R&L

10/12/18 Friday, 2018 12 October SCM 10921 CLG98695760 FROM R& FBP2 500 R&L

10/12/18 Friday. 2018 12 October SCM 10921 CLG98695759 FR0M R&L MBT 10,000 R&L

10/25/18 Thursday, 25 October 2018 SCM 10932 CLG98731026 FROM R& COSCO 70,000 R&L

10/25/18 Thursday, 25 October 2018 SCM 10932 CLG98731025 FROM R&L MPL 100,000 R&L

10/25/18 Thursday, 25 October 2018 SCM 10932 CLG98731024 FROM RL MRC 1,500,000 R&L

11/8/18 Thursday, 8 November 2018 SCM 10934 R&L CLG98760856 FROM MBT 20,000 R&L

11/ 9/18 Friday, 9 November 2018 SCM 10936 CLG98768007 FROM R&L PNB 30,000 R&L

11/15/18 November 2018 Thursday. 15 SCM 10939 CLG98783650 EE 60,000 R&L

11/15/18 Thursday, November 2018 15 SCM 10939 CLG98783653 GSMI 15,000 R&L

11/15/18 Thursday, November 2018 15 SCM 109 39 CLG98783654 ICT 7,000 R&L

11/15/18 November 2018 Thursday. 15 SCM 10939 CLG98783651 MWIDE 60,000 R&L

11/15/18 Thursday, November 2018 15 SCM 10939 CLG98783652 PBB 40,000 R&L

11/15/18 Thursday, November 2018 15 SCM 10939 CLG98783656 SLF 1,000 R&L

11/15/18 Thursday. November 2018 15 SCM 10939 CLG98783649 SSP 300,000 R&L

11/15/18 November 2018 Thursday, 15 SCM 10939 CLG98783655 URC 4,000 R&

11/15/18 November 2018 Thursday, 15 SCM 10939 CLG98783648 A 400,000 R&L

11/23/18 Friday, 23 November 2018 SCM 109 70 CLG98810760 FROM R&L INVESTMENT AUB 20,000 R&L

11/23/18 Friday, 23 Novemher 2018 SCM 10970 CLG98810755 FROM R&L INVESTMENT CLC 100,000 R&L

11/23/18 Friday, 23 November 2018 SCM 109 70 CLG98810758 FROM R&L INVESTMENT CNPF 30,000 R&L

11/23/18 Friday, 23 November 2018 SCM 10970 R&L INVESTMENT CLG98810757 FROM EW 50,000 R&L

11/23 /18 Friday, 23 November 2018 SCM 10970 R&L INVESTMENT CLG98810759 FROM RLC 25,000 R&L

11/23/18 Friday, 23 November 2018 SCM 10970 R&L INVESTMENT CLG98810754 FROM SSS 150,000 R&L

11/23/18 Friday, 23 November 2018 SCM 10970 CLG98810756 FROM R&L INVESTMENT VLL 70,000 R&L

Page 14 of 23

11/29/18 Thursday, November 2018 29 SCM 10973 CLG098826503 SMC 30,000 R&L

12/ 7/18 Friday, 7 December 2018 SCM 109 78 CLG098856485 ACPB2 900 R&L

12/7/18 Friday. 2018 December SCM 10978 CLG098856483 DD 40,000 R&L

12/ 7/18 Friday, 7 December 2018 SCM 10978 CLG098856481 NIKL 300,000 R

12/ 7/18 Friday, 2018 , 7 December SCM 10978 CLG098856479 OPM 50,000,000 R&L

12/ 7/18 Friday, 7 2018 December SCM 10978 CLG098856480 OPMB 50,000,000 R&L

12/ 7/18 Friday,7 2018 December SCM 10978 CLG098857364 PAL 50,000 R&L

12/ 7/18 Friday, 7 2018 December SCM 10978 CLG098857365 SLF 35 0 R&L

12/ 7/18 Friday, 7 2018 December SCM 109 78 CLG098857363 SOC 1,000,000 R&L

12/ 7/18 2018 Friday,7 December SCM 10978 CLG098856482 TUGS 120,000 R&L

12/11/18 Tuesday, 11 December 2018 SCM 10981 CLG98868579 AC 400 R&L

12/11/18 Tuesday, 11 December 20 18 SCM 109 81 CLG98868578 ALCPB 4,000 R&L

12/11/18 Tuesday, 11 December 2018 SCM 10981 CLG98868577 CEB 5,000 R&L

12/11/18 Tuesday, 11 December 2018 SCM 10981 CLG98868573 Lc 5,020,000 RL

12/11/18 Tuesday, 11 December 2018 SCM 10981 CLG98868575 MAC 30,000 R&L

12/11/18 Tuesday, 11 December 2018 SCM 10981 CLG98868576 SHLPH 10,000 R&

12/12/18 Wednesday, December 2018 SCM 10983 CLG098873690 CHIB 400,000 RL

12/19/18 Wednesday, December 2018 19 SCM 10994 CLG98897711 CHIB 150,000 R&L

1/ 3/19 Thursday. 2019 3 January SCM 11004 CLG098927854 PX 300,000 R&L

1/ 3/19 Thursday, 3 January 2019 SCM 11004 CLG098927868 ALCO 500,000 R&L

1/ 3/19 Thursday, 3 January 2019 SCM 11004 CLG098927850 NI 300,000 R&L

1/ 3/19 Thursday, 3 January 2019 SCM 11004 CLG098927889 GEO 2,000,000 R&L

1/ 3/19 Thursday, 3 January 2019 SCM 11004 CLG098927851 BLOOM 60,000 R&L

1/ 3/19 Thursday, 3 January 2019 SCM 11004 CLG098927852 AG 40000 R&L

1/ 3/19 Thursday, 3 January 2019 SCM 11004 CLG098927853 PRF2A 50 R&

1/ 3/19 Thursday, 3 January 2019 SCM 11006 CLG98930648 B C 1,000,000 R&L

1/ 7/19 Monday, 2019 January SCM 11007 CLG098936703 PNB 10,000 R&L

1/7/ 19 Monday. 2019 7 January SCM 11007 CLG098936704 JFC 3,000 R&L

Page 15 of 23

1/10/19 Thursday, 10 January 2019 SCM 11010 CLG98949537 LC 4,000,000 R&L

1/10/19 Thursday, 10 January 2019 SCM 11010 CLG98949538 LPZ 100,000 R&L

1/10/19 Thursday, 10 January 2019 SCM 11010 CLG98949539 PXP 60,000 R&L

1/10/19 Thursday, 10 January 2019 SCM 11010 CLG98949451 SECB 3,000 R&L

1/10/19 Thursday, 10 January 2019 SCM 11010 CLG98949540 BDO 5,000 R&L

1/11/19 Friday. 2019 11 January SCM 11012 CLG98954421 ISM 100,000 R&L

1/11/19 Friday. 2019 11 January SCM 11012 CLG98954420 VUL 150,000 R&L

1/11/19 Friday, 2019 11 January SCM 11012 CLG98954419 IRC 200,000 R&L

1/18/19 Friday, 18 January 2019 SCM 11014 CLG098981007 CHIB 15,000 R&L

1/18/19 Friday. 2019 18 January SCM 11014 CLG098981006 ABS 15,000 R&

1/18/19 2019 Friday, 18 January SCM 11014 CLG098981003 RLT 1,000,000 R&L

1/22/19 Tuesday, 22 January 2019 SCM 11018 CLG098989857 AEV 6,000 R&L

1/29/19 Tuesday, 29 January 2019 SCM 11019 CLG99013847 LMG 100,000 R&L

1/29/19 Tuesday, 29 January 2019 SCM 11019 CLG99013849 GLO 200 R&L

1/29/19 Tuesday, 29 January 2019 SCM 11019 CLG99013845 APC 700,000 R&

1/29/19 Tuesday, 29 January 2019 SCM 11019 CLG99013846 BRN 400,000 RL

1/29/19 Tuesday, 29 January 2019 SCM 11019 CLG099013860 PSB 5,820 R&L

3/ 7/19 Thursday, 2019 March SCM 11029 CGL99138274 PCOR 50,000 R&L

31 7/19 Thursday, 2019 7 March SCM 11029 CLG99138273 SBS 60,000 R&

3/7/19 Thursday. 2019 I March SCM 11029 CLG99138272 MA 100,000,000 R&L

3/ 7/19 Thursday, 7 March 2019 SCM 11029 CLG99138271 UPM 100,000,000 R&L

3/ 7/19 Thursday, 7 March 2019 SCM 11029 CLG99138270 MAB 150,000,000 R&L 3/ 8/19 Friday, 8 March 2019 SCM 11030 CLG99141582 GTPPB 400 R&L 3/ 8/19 Friday,8 March 2019 SCM 11030 CLG99141583 SM 400 R&L 3/8/19 Friday, 8 March 2019 SCM 11030 CLG99141581 GTPPA 420 R&L 3/ 8/19 Friday, 8 March 2019 SCM 11030 CLG99141580 OPMB 25,000,000 R&L 3/15/19 Friday, 15 March 2019 SCM 11033 CLG99162384 RWM 60,000 R&L 3/15/19 Friday, 15 March 2019 SCM 11033 CLG99162382 PHEN 280,000 R&L 3/15/19 Friday, 15 March 2019 SCM 11033 CLG99162383 EE 60,000 R&L 3/15/19 Friday, 15 March 2019 SCM 11033 CLG99162381 BH 6,000,000 R&L 3/15/19 Friday, 15 March 2019 SCM 11033 CLG 99162385 IGS 6,000 RL

Page 16 of 23

3/15/19 Friday, 15 March 2019 SCM 11033 CLG 99162386 GTCAP 800 | R&L 3/22/19 Friday, 22 March 2019 SCM 11040 CLG0999182458 ACR 200,000 R&L 3/22/19 3/22/19 Friday, 22 March 2019 Friday, 22 March 2019 SCM SCM 11040 11040 CLG099918240 CLG099182441 EL IM 600,000 120,000 R&L R&L

3/22/19 3/22/19 Friday, 22 March 2019 Friday, 22 March 2019 SCM SCM 11040 11040 CLG0999182442 CLG0999182457 CL ZH 1,500,000 80,000 R R&L

3/22/19 Friday, 22 March 2019 SCM 11040 CLG0999182459 MP 100,000 R& 3/22/19 Friday, 22 March 2019 SCM 11040 CLG0999182460 ACPB 600 R&L 3/22/19 3/26/19 Friday, 22 March 2019 Tuesday, 26 March 2019 SCM SCM 11041 110 40 CLG0999182443 CLG99190537 AP COL 15,000 9,000 R& R&L 4/ 4/19 4/ 4/19 4/ 4/19 Thursday, 4 April 2019 Thursday, 4 April 2019 Thursday, 4 April 2019 SCM SCM S M 11083 11083 11083 CLG99219596 CLG99219592 CLG99219593 LC PHA SMC2D 2,800,000 500,000 5,000 R&L R&L R&L

4/ 4/19 Thursday, 4 April 2019 SCM 11083 CLG9920647 CHIB 60,000 R&&L 4/ 4/19 Thursday, 4 April 2019 SCM 11083 CLG99219595 ANI 18,000 R&&L 4/ 5/19 4/ 5/19 Friday, 5 April 2019 Friday, 5 April 2019 SCM SCM 11084 11084 CLG099222492 CLG099222491 CHP SMPH 130,000 7000 R&L R&L 4/ 5/19 Friday, 5 April 2019 SCM 11084 CLG099222490 MVC 150,000 RL 4/ 5/19 Friday, 5 April 2019 SCM 11084 CLG099222489 APX 180,000 R&L 4/ 5/19 4/15/19 Monday, 15 April 2019 Friday, 5 April 2019 SCM SCM 11087 11084 CLG099243699 CLG099222488 APO PNB 400,000 12,000 R&L R&L 4/15/19 4/15/19 Monday, 15 April 2019 Monday, 15 April 2019 SCM SCM 11087 11087 CLG099243697 CLG099243698 P STI 500,000 150,000 R& R&L 4/16/19 4/16/19) Tuesday, 16 April 2019 Tuesday, 16 April 2019 SCM SCM 11088 11088 CLG099247887 CLG099247884 SOC GMAP 300,000 60,000 R&L R&L

4/23/19 4/16/19 4/16/19 Tuesday, 23 April 2019 Tuesday, 16 April 2019 Tuesday, 16 April 2019 SCM SCM SCM 11088 1088 11090 CLG099259934 CLG099247886 CLG099247885 IRC NIKL SHLPH 200,000 100,000 7000 R&L R& RL

4/23/19 4/23/19 Tuesday, 23 April 2019 Tuesday, 23 April 2019 SCM SCM 11090 110 90 CLG099259931 CLG099259930 OM PRIM 450,000 180,000 R&L RL 4/23/19 4/23/19 Tuesday, 23 April 2019 Tuesday, 23 Apri 2019 SCM SCM 110 90 11090 CLG099259935 CLG099259932 FGEN FB 10,000 2,400 RL R&L 4/23/19 Tuesday, 23 April 2019 SCM 11090 CLG099259936 FB P2 3 50 RL

4/23/19) 4/23/19 4/25/19 Thursday, 25 April Tuesday, 23 April 2019 Tuesday, 23 April 2019 2019 SCM S CM SCM 11090 11090 11092 CLG099259948 CLG099259937 CLG099267890 SHNG TEL GTPPA 80,000 350 300 R&L R&L R&L

4/25/19 Thursday, 2019 25 April SCM 11092 CLG099267889 MAXS 20,000 R&L

4/25/19 Thursday,. 2019 25 April SCM 11092 CLG099267888 HLCM 25,000 R&L

5/ 3/19 5/ 3/19 5/ 3/19 Friday, 3 May 2019 Friday, 3 May 2019 Friday, 3 May 2019 SCM SCM SCM 11100 11100 11100 CLG099288140 CLG099288135 CLG099288138 CPG AUB MRSG 450,000 85,000 3,000 R&L R& R&L

Page 17 of 23

5/ 3/19 Friday, 3 May 2019 SCM 11100 CLG099288236 PAX 250,000 RL 5/3/19 Friday, 3 May 2019 SCM 11100 CLG099288141 SMC 2,500 R&L 5/ 3/19 Friday, 3 May 2019 SCM 11100 CLG099288237 BC 200,000 R&L 5/3/19 Friday, 3 May 2019 SCM 11100 CLG099288238 PIZZA 15,000 R&L 5/ 7/19 Tuesday, 7 May 2019 SCM 11101 CLG099297289 ALI 350,000 RL 5/20/19 Monday, 20 May 2019 SCM 11107 CLG99309574 AL 17,000 R&L

5/23/19 Thursday, 2019 23 May SCM 11114 CLG099355765 GTCAP 50 R&L

5/23/19 Thursday. 2019 23 May SCM 11115 CLG099355764 LTG 12,000 R&L

5/23/19 Thursday. 2019 23 May SCM 11116 CLG099355763 WP 300,000 R&L

5/23/19 Thursday, 2019 23 May SCM 11117 CLG099355762 COAL 650,000 R&L

5/30/19 Thursday, 2019 30 May SCM 11119 CLG PCOR 50,000 R&L

6/3/19 Monday, 3 June 2019 SCM 11126 CLG099391981 PSB 980 R&L 6/3/19 Monday, 3 June 2019 SCM 11126 CLG099391980 FC 1000 R&L 6/ 3/19 Monday, 3 June 2019 SCM 11126 CLG099391979 PNB 10,000 RL 6/3/19 Monday, 3 June 2019 SCM 11126 CLG099391978 BPI 20,000 R&L 6/ 3/19 Monday, 3 June 2019 SCM 11126 CLG099391977 RFM 50,000 R&L

6/19/19 Wednesday, 19 June 2019 SCM 11139 CLG99442233 RCL 1,100,000 R&L

6/19/19 Wednesday, 19. June 2019 SCM 11139 CLG99442234 SMC 8,000 R&L

6/19/19 Wednesday, 19 June 2019 SCM 11139 CLG99442235 B P 6,000 R&L

6/25/19 Tuesday, 25 June 2019 SCM 11145 CLG099457033 PNB 80,000 RL

6/27/19 Thursday, 27 June 2019 SCM 11146 CLG099468110 GREEN 200,000 R&L

6/28/19 Friday, 28 June 2019 SCM 11147 CLG 099470469 PRF3A 2,000 R&L 7/ 2/19 Tuesday, 2 July 2019 SCM 11149 CLG099479096 ALCPC 20,000 R&L 7/16/19 Tuesday,16 July 2019 SCM 11151 CLG99523860 RCL 1,500,000 R&L

7/31/19 Wednesday, 31 July 2019 SCM 11160 CLG099570566 JFC 2,000 RL

7/31/19 Wednesday, 31 July 2019 SCM 11160 CLG099570564 PNB 20,000 R&L

7/31/19 Wednesday, 31 July 2019 SCM 11160 CLG099570565 DD 15,000 R&L

8/ 6/19 Tuesday, 6 August 2019 SCM 11175 CLG099587589 SL 100,000 R&L

8/ 6/19 Tuesday, 2019 6 August SCM 11175 CLG099587547 JFC 2,000 R

8/ 6/19 Tuesday 2019 o August SCM 11175 CLG099587546 CB 1,000,000 R&L

8/ 6/19 Tuesday, 2019 6 August SCM 11175 CLG099587590 N 150,000 R&L

8/ 6/19 Tuesday, 6 August 2019 SCM 11175 CLG099587591 STR 11,600 R&L

8/ 6/19 Tuesday, 2019 August SCM 11175 CLG099587588 NRCP 180,000 R&L

Page 18 of 23

8/ 7/19 Wedneday, 7 August 2019 SCM 11176 CLG099591631 CHP 100,000 R&L

8/ 7/19 Wednesday, 7 August 2019 SCM 11176 CLG099591633 MPI 65,00 R&L

8/7/19 Wednesday, 7 August 2019 SCM 11176 CLG099591632 NIKL 90,000 R&L

8/13/19 Tuesday, 13 August 2019 SCM 11178 CLG99606370 BDO 15,000 RL

9/12/19 Thursday. September 2019 12 SCM 11202 CLG99699878 JFC 3,000 R&L

9/12/19 September 2019 Thursday. 12 SCM 11202 CLG99699886 PNB 10,000 R&L

9/17/19 Tuesday, September 2019 17 SCM 11203 CLG99710907 RC 300,000 R&

9/18/19 Wednesday, September 2019 18 SCM 11204 CLG99714767 ANS 20,000 RL

9/18/19 Wednesday, September 2019 18 SCM 11204 CLG99714766 RWM 2,700 R&L

9/18/19 Wednesday. September 2019 18 SCM 11204 CLG99714768 BDO 3,000 R&L

9/20/19 2019 Friday, 20 Setember SCM 11205 CLG996722761 BEC 700,000 R&L

9/20/19 Friday, 20 September 2019 SCM 11205 CLG99722762 SMC 4,00 RL

10/9/19 Wednesday, 9 October 2019 SCM 11239 CLG99774482 PX 700,000 R&

10/14/19 Monday, 14 October 2019 SCM 11268 CLG99785553 AXLM 500,000 R&L

10/15/19 Tuesday, 15 October 2019 SCM 11269 CLG99788560 HOME 100,000 R&L

10/18/19 Friday, 2019 18 October SCM 11273 CLG099798550 HOME 100,000 R&L

10/22/19 Tuesday, 22 October 2019 SCM 11276 CLG99806853 PPG 30,000 R&L

10/31/19 Thursday, 31 October 2019 SCM 11353 CLG99831061 PCOR 40,000 R&L

10/31/19 Thursday, 31 October 2019 SCM 11353 CLG99831062 PGOLD 7,00 R&L

10/31/19 Thursday, 31 October 2019 SCM 11353 CLG99831054 AG 15,000 RL

10/31/19 Thursday, 31 October 2019 SCM 11353 CLG99831060 PX 90,000 R&L

10/31/19 Thursday, 31 October 2019 SCM 11353 CLG99831056 PAL 6200 R&L

10/31/19 Thursday. 31 October 2019 SCM 11353 CLG99831089 MEG 60,000 R&L

10/31/19 Thursday, 31 October 2019 SCM 11353 CLG99831055 JFC 900 R&L

10/31/19 Thursday, 31 October 2019 SCM 11353 CLG99831057 ICT 2,000 R&

10/31/19 Thursday, 31 October 2019 SCM 11353 CLG99831059 TBGI 1,300,000 RL

which was cleared by the drawee bank and encashed by Respondent only show that he Lastly, the One Hundred Thirty Five (135) checks issued by VSI to Respondent name

Page 19 of 23

received the proceeds for the sale of the shares transferred to his VSI account via unauthorized EQ Trades for R&L to VSI.

show that he participated in the fraudulent scheme of transferring shares securities owned by other client of R&L to his account in Ventures Securities. He allowed himself and his fraudulent scheme that resulted in the loss of large number securities that belonged to the accounts in R&L and Venture Securities to be used as a tool in the commission of the clients of R&L 26 in relation to Section 54 of the SRC and the 2015 SRC Rules. Respondent's acts and deeds Based on the foregoing, it is clear that Respondent Julieto C. Sulapas violated Section

intentional deceitful acts which resulted to the prejudice and damage of R & L ' s investors in the present case. It is worthy to mention that transactions involving securities are Securities and Exchange Commission v. Honorable Court of Appeals et al., 1, the Honorable impressed with public interest, and are thus subject to public regulation. In the case of Supreme Courtheld: Thus, the Respondent should not get away from the consequences of his

supplied) subject to public regulation. In particular, the laws and regulations requiring payment excessive stock market speculations, and are thus m andatory." (Underscoring The rise and fall of stock market indices reflect to a considerable degree the state of the economy. Trends in stock prices tend to herald changes in business conditions. Consequently, securities transactions are impressed with public interest and are thus of traded shares within specified periods are meant to protect the economy from "Stock market transactions affect the general public and the national economy.

his Affidavits are facts sufficient enough to support a conclusion that the Respondent violated SRC Section 26 paragraphs 1 and 3 in relation to Section 54 of the SRC. Here, the evidence presented by the complainant and the statement of Respondent in

PENALTIES TO BE IMPOSED

other alternative penalties as provided for under Sec. 54.1 of the SRC. (MC 6, s. 2005 or Circular), the Commission, in its discretion, has the power to impose Notwithstanding the provision of SEC Memorandum Circular No. 6, series of 2005

The pertinent portion of Sec. 54.1 of the SRC is herein reproduced:

violation of this Code its rules or its orders (b) xxxxxxxxx (c} xxxxxxxxx{d) xxx xxxxxx, it shall in its discretion, and subject only to the limitations hereinafter prescribed, impose any or all of the following sanctions as may be appropriate in Jight of the facts and circumstances: Sec. 54.1 - If after due notice and hearing, the Commission finds that: (a) there is a

(i) Suspension, or revocation of any registration for the offering of securities;

day of continuing violation; Pesos (P1,000,000.00) plus not more than Two Thousand Pesos (P2,000.00) for each (ii) A fine of no less than Ten Thousand pesos (P10,000.00) nor more than One Million

being an officer, member of the Board of Directors, or persons performing similar (iii) In the case of a violation of Sections 19.2, 20, 24, 26 and 27, disqualification from

1G.R. Nos. 106425 & 106431-32, (July21, 1995)

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functions, of an issuer required to file reports under Section 17 of this Code or any other act, rule or regulation administered by the Commission;

proscribed by such Section; and profit gained or loss avoided as a result of the purchase, sale or communication (iv) In the case of a violation of Section 34, a fine of no more than three (3) times the

(v) Other penalties within the power of the Commission to impose. (emphasis supplied)

SRC, the Commission adopted SRC Rule 54.1 which mirrors the above-mentioned provision of law, thus: In the implementation of the foregoing and in order to give effect to the intent of the

xxxxxx, it shall in its discretion, and subject only to the limitations hereinafter Sec. 54.1 - If after due notice and hearing, the Commission finds that: (a) there is a violation of this Code,its rules, or its orders (b) xxxxxxxxx (c) xxx xxxxxx (d) xxx prescribed, impose any or all of the following sanctions as may be appropriate in light of the facts and circumstances: 54.1.1 Suspension, or revocation of any registration for the offering of securities;

each day of continuing violation; 54.2.2. A fine of no less than Ten Thousand pesos (P10,000.00) nor more than One Million Pesos (P1,000,000.00) plus not more than Two Thousand Pesos (P2,000.00) for

act, rule or regulation administered by the Commission; 54.1.3. In the case of a violation of Sections 19.2, 20, 24, 26 and 27, disqualification from being an officer, member of the Board of Directors, or persons performing similar functions, of an issuer required to file reports under Section 17 of this Code or any other

proscribed by such Section; and profit gained or loss avoided as a result of the purchase, sale or communication 54.1.4. In the case of a violation of Section 34, a fine of no more than three (3] times the

54.1.5. Other penalties within the power of the Commission to impose. (emphasis supplied)

apply in every case and the SEC is empowered to select the sanction appropriate to the facts flexibility based on its discretion to impose various kinds of sanctions since not all sanctions and circumstances of each situation. On the basis of the above-quoted provisions, it is clear that the Code gives the SEc

against a Company and any person found administratively liable for violating any provision of the SRC and its IRR. If fine alone is the penalty to be imposed, the maximum shall be Php1,000,000.00. The Commission may thus impose any of the above-mentioned alternative penalties

discretion. to select the sanction appropriate to the facts and circumstances of each case. Applying Section 54.1, therefore, it does not prohibit the Commission to impose sanction based on its hereinafter prescribed, impose any or all of the following sanctions as may be appropriate in light of the facts and circumstances " operates to confer discretion to SEC To emphasize, the phrase "in its discretion, and subject only to the limitations]

applied as an alternative penalty on the penalty imposed under MC 6, s.2005, which was Thus, it could be said that the appropriate penalty under Sec. 54.1 of the SRC may be

Page 21 of 23

issued purposely to rationalize the penalties to be imposed by the Commission to insure strict compliance with the Code and its IRR.

foregoing penalties shall be without prejudice to the imposition of other administrative sanctions or to the filing of criminal charges against the person/s responsible for the violation. Likewise, under the same provision of the Circular it states that the imposition of the

in the application of the penalties provided for in the SRC. application of SRC Section 54 as an alternative penalty, but to lay down a rule of preference The clear tenor and intention of Memorandum Circular is not to remove the

Section 54 for violators of any of the provision of the SRC. Neither does it defeat the legislative intent behind the law. The pursuit of this purpose clearly does not foreclose the possibility of applying

Section 54 of the SRC is the more appropriate penalty, Memorandum Circular No. 6 Series of of the administrative monetary penalty provision of SRC such that where the circumstances of both the offense and the offender clearly indicate good faith or a clear mistake of fact without taint of bad faith or negligence, otherwise, the imposition of a fine under the SRC should be considered as the more appropriate penalty. Needless to say, the determination of whether the circumstances warrant the imposition of a fine under the SRC provision rests solely upon the Commission. Should the Commission decide that any of the provision under 2005 ought not to be deemed a hindrance. Hence, the Memorandum Circular establishes a rule of preference in the application

not remove the imposition of any of the penalty provided for under Section 54 of the SRC as an alternative penalty for violations of any of the provision of the SRC and its IRR. It is, therefore, understood that SEC Memorandum Circular No. 6 Series of 2005 does

above-mentioned pertinent provisions of the SRC and is hereby imposed the following administrative sanction: WHEREFORE, premises considered, the panel finds that the Respondent violated the

1. a fine of One Million Pesos (P1,000,000.00) for violation of Section 26 paragraphs 1 and 2 of the SRC in relation to Rule 26.1 of the SRC Rules and Section 54 of the SRC; 2. Disqualification from being a registered person pursuant to Sections 28 and 29 of the SRC; and 3. Disqualification from being an officer, member of the Board of Directors or person performing similar functions pursuant to Section 54.1 of the SRC.

persons on the actual count or occurrences of violations committed. hereafter secure, including among others, to institute further action to charge responsible and Review Committee of MSRD may institute on the basis of evidence that it may, now or Finally, this Decision is without prejudice to any further action that the Investigation

SO ORDERED.

11 June 2021.

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MARLON Chairman . FACUN

EMMA A. VALENCIA 0 Member ERWIN EDWARD P. MENDINUETO Member OAAZ

Copy furnished:

Markets and Securities Regulation Department ASSISTANT DIRECTOR ADAN EVAN O. PASCUA Securities and Exchange Commission Secretariat Building, PICC Complex, Roxas Boulevard, Pasay City

59 Cambridge Hampstead Place Del Carmen St., Brgy. Nangka Marikina City JULIETO C. SULAPAS

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